BEIJING, May 26, 2011 /PRNewswire-Asia/ -- Xinyuan Real
Estate Co., Ltd. (NYSE: XIN), a residential real estate developer
with a focus on high growth, strategic Tier II & III cities in
China, announced today that its
Board of Directors has declared a cash dividend of US$0.05 per common share, or US$0.10 per American Depositary Share (ADS),
payable on June 20, 2011 to
shareholders of record on June 10,
2011.
Xinyuan also announced that its Board of Directors has approved
a share repurchase program under which the Company may spend up to
US$10 million to repurchase common
shares, either in the form of common shares or American Depositary
Shares in the open market or in privately negotiated transactions
over the next 12 months at the discretion of management.
The shares will be purchased from time to time at such prices,
and in such manner as are authorized by management depending upon
market conditions. Under the program, the purchases will be funded
from available working capital. There is no guarantee as to the
exact number of shares that Xinyuan may repurchase and Xinyuan may
discontinue purchases at any time that management determines
additional purchases are not warranted. As of May 25, 2011, Xinyuan had approximately 153
million common shares, or 76.5 million ADSs, outstanding.
Mr. Yong Zhang, Xinyuan's
Chairman and Chief Executive Officer commented, "These actions
reflect our confidence in the future financial performance of our
business and the prospects of China's real estate industry. For the
past several years, our key priorities for using our cash were to
invest in our development projects. We have made significant
progress on these efforts, and they will continue to be a focus.
However, given the weakness in our share price, we believe
accelerating the repurchase of shares and the implementation of a
dividend is a highly appropriate use of cash at this time. We are
pleased to maximize value for our shareholders through these
initiatives. We believe the company remains well positioned for
future development, and will have a strong growth and solid profits
this year."
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") (NYSE: XIN) is a
developer of large scale, high quality residential real estate
projects aimed at providing middle-income consumers with a
comfortable and convenient community lifestyle. Xinyuan focuses on
China's Tier II & III cities,
characterized as larger, more developed urban areas with above
average GDP and population growth rates. Xinyuan has expanded its
network to cover a total population of over 44.7 million people in
seven strategically selected Tier II & III cities, comprising
Hefei, Jinan, Kunshan, Suzhou, Zhengzhou, Xuzhou and Chengdu. Xinyuan is the first real estate
developer from China to be listed
on the New York Stock Exchange. For more information, please visit
http://www.xyre.com.
Safe Harbor Statement
This press release contains forward-looking statements. These
statements are made under the ''safe harbor'' provisions of the
U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
concerning our beliefs, forecasts, estimates and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties that could cause actual results to
differ materially from those projected or anticipated, including,
but not limited to, the risk that: our financing costs are subject
to changes in interest rates; our results of operations may
fluctuate from period to period; the recognition of our real estate
revenue and costs relies on our estimation of total project sales
value and costs; we may be unable to acquire desired development
sales at commercially reasonable costs; increases in the price of
raw materials may increase our cost of sales and reduce our
earnings; we are heavily dependent on the performance of the
residential property market in China, which is at a relatively early
development stage; PRC economic, political and social conditions as
well as government policies can affect our business; the market
price of our ADSs may be volatile, and other risks outlined in our
public filings with the Securities and Exchange Commission,
including our annual report on Form 20-F for the year ended
December 31, 2010. All information
provided in this press release is as of May
26, 2011. Except as required by law, we undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
For more information, please
contact:
|
|
|
|
In China:
|
|
Mr. Tom Gurnee
|
|
Chief Financial
Officer
|
|
Tel: +86 (10)
8588-9390
|
|
Email:
tom.gurnee@xyre.com
|
|
|
|
Ms. Helen Zhang
|
|
Director of Investor
Relations
|
|
Tel: +86 (10)
8588-9255
|
|
Email:
yuan.z@xyre.com
|
|
|
|
ICR, LLC
|
|
In U.S.:
+1-646-308-1472
|
|
In China: +86 10 6583
7511
|
|
Email:
William.zima@icrinc.com
|
|
|
SOURCE Xinyuan Real Estate Co., Ltd.